The Group’s results for the first half of 2026 confirm its ability to achieve a solid operating performance in a challenging economic environment, marked by a particularly unfavorable currency effect and continued weakness in the Original Equipment markets.
Revenue totaled €12.7 billion, down 2.6% as reported but up 0.5% at constant exchange rates. The positive 0.9% price‑mix effect is driven by an improved product‑mix and the strong momentum of the MICHELIN brand, whose sales volumes increased by 5% on the Replacement markets. The -0.9% volume effect reflects the decline in Original Equipment and Tier‑3 brands. The favorable scope effect is linked to the acquisitions of Cooley Group and Flexitallic.
Segment operating income reached €1.45 billion or 11.4% of sales, vs. 11.1% in first-half 2025. The increase of €103 million (+7%) at constant scope and FX reflected the favorable shift in the price-mix and lower raw material prices, partly offset by higher manufacturing and logistics costs (inflation and customs tariffs). In parallel, the Group is continuing to adapt its industrial capacities worldwide.
Free cash flow before M&A was a positive €282 million, up €384 million vs. first-half 2025. The 26% gearing ratio underscores the Group's robust financial position.
Performance by segment:
The Consumer segment reported revenue of €6,926 million and an operating margin of 12.5% (up 0.4 pts), supported by robust MICHELIN‑brand momentum in Replacement (notably the success of the new MICHELIN Primacy 5 Energy and Pilot Sport 5 Energy ranges), and by growth in Two‑Wheel activities.
The Transportation segment reported revenue of €2,813 million and an operating margin of 5.9% (up 0.3 pts), delivering an improved performance despite persistent weakness in the Original Equipment market in the Americas. The Group strengthened its position in the Replacement market, particularly in Europe.
The Specialties segment reported revenue of €2,220 million and stable operating margin of 14.1%. Sales of Mining and Aircraft tires increased, but the segment continued to be heavily impacted by an Agricultural OE market at a ten-year low.
The Polymer Composite Solutions segment reported revenue up 14% at €728 million driven by the impact of recent acquisitions, with an operating margin of 13.6%. The Seals, Coated Fabrics and Belts businesses grew during the period, but the Conveyors business was faced with challenging markets, particularly in Australia. The portfolio's transformation is accelerating toward diversified, less cyclical, and high-value-added markets.
The Group is leveraging the strength of the MICHELIN brand, its powerful innovation capabilities, the quality of its products & services and its teams’ sustained engagement, and it pursues the implementation of its “Michelin in Motion 2030” roadmap.